FTSE 100 intraday trading - JULY 2003

[2468steve]

Mully,
I was not being critical,moreover just trying to point out that price action on FTSE suggested we would have led lower if not for the US.
Agreed ,the FTSE moved forward and you can only trade what you see,but the move up didn't seem convincing IMO

 

[Sledgehammer]

bonsai

have you ever studied the correlation between the direction of the auction compared to the 16:30 close and that then providing a clue to tomorrow's open?

during one of my brainstorming moments i had a look, but came to no statistically conclusive answer.

any thoughts?

 

[bonsai]

steve
you could be right but how about this.

from the high of 184 I can see three 'bottoms'.
cant read the numbers exactly but
1 - 4140
2 - 4128
3 - 4115 (which finished with 5 legs)


that makes 5 waves ? and as it reached the previous low
on 25th ?(previous 4th) we were all set for the end of the
correction and a new rally.

 

[bonsai]

sledge
interesting idea isn't it.
I have to admit I have looked at it . Shouldnt have done really.
Couldnt find anything consistent enough for me.

in the end found nore correlation with the last tick/move of the live trading and that was a negative correlation.

when you think about it , who is going to trade on the last move ?
somebody has to I suppose. But what are they up to ?

 

[2468steve]

Bonsai,
4140,28,15 could also be considered lower lows.
Todays close above 4150 could be significant tho',monthly high.4170/75 key for 2row.
As ever,much depends on US but it will be interesting to watch whichever way it goes.

Cheers

 

[bonsai]

Thought for the day

"Trading is 40% risk control and 60% self control "

Dr Van K Tharp.

If you are interested, here is a link
http://www.mastermindforum.com/resources/tharpcollect.htm

 

[bonsai]

I hope you all had a good month.

I have started a new thread for August